平安银行（000001.SZ）：盈利降幅 收窄，零售资产质量改善 ——2025 年半年报点评 事件：8 月 22 日，平安银行公布 2025 年半年报。1H25 实现营收、归母净利 润 693.9 亿、248.7 亿，分别同比 -10%、-3.9%（1Q25：-13.1%、-5.6%）。 年化加权平均 ROE 为 10.74%，同比下降 1.14pct。6 月末不良率 1.05%，环 比下降 1bp；拨备覆盖率 238.5%，环比提升 2pct。 点评： 非息收入边际改善推动营收降幅收窄。1H25 平安银行实现营收 693.9 亿，同 比-10%，降幅环比 1Q25 收窄 3pct；主要得益于非息收入降幅环比改善。具 体来看，（1）受净息差收窄，以及资产端调结构、规模增速偏低的影响，净利 息收入同比-9.3%，环比基本持平。（2）非息收入同比 -11.3%，降幅环比收窄 8.5pct；非息收入占营收比重 35.9%。一方面，得益于二季度债市回暖，浮亏 边际修复，其他非息收入同比降幅环比收窄 13.4pct 至-19.3%。另一方面，低 基数叠加市场回暖下，中收同比降幅环比收窄 6.2pct 至 -2.0%。其 ...

Core Viewpoint - The first quarter report of China Merchants Bank (CMB) shows a decline in both revenue and net profit, but there are signs of recovery in wealth management fees, indicating a potential stabilization in the bank's financial performance [1][4]. Financial Performance - CMB reported operating revenue of 83.751 billion yuan, a year-on-year decrease of 3.09%, and net profit of 37.513 billion yuan, down 2.08% [1]. - The non-performing loan ratio decreased by 0.01 percentage points to 0.94% compared to the end of the previous year [1]. - The net interest margin (NIM) fell to 1.91%, down 11 basis points year-on-year and 3 basis points quarter-on-quarter [1][2]. Wealth Management and Non-Interest Income - Non-interest net income was 30.755 billion yuan, a year-on-year decrease of 10.64%, accounting for 36.72% of total revenue [4]. - Wealth management fees showed improvement, with a 10.45% year-on-year increase in wealth management commission income to 6.783 billion yuan, reversing a previous decline [4][5]. - The bank's commission income from selling financial products, such as wealth management and insurance, remains under pressure due to market conditions [5][6]. Deposit Composition and Strategy - The proportion of demand deposits increased to 51.80%, with corporate demand deposits making up 58.06% and retail demand deposits 41.94% [2]. - The average daily balance of demand deposits accounted for 50.46% of the average daily balance of customer deposits, reflecting a slight increase from the previous year [2]. Market Activity and Shareholder Engagement - The Hong Kong Central Clearing Limited account increased its holdings of CMB shares by approximately 128 million shares during the first quarter [7]. - CMB's average return on total assets (ROAA) and average return on equity (ROAE) were 1.21% and 14.13%, respectively, both showing a year-on-year decline [7]. Management Outlook - CMB's management aims to stabilize the net interest margin and improve the commission income from wealth management, contingent on the overall stabilization of the capital market [6][7]. - The bank is cautious about increasing dividends to maintain a balance between return on equity and capital adequacy [7].

Core Viewpoint - The article provides a detailed analysis of China Merchants Bank's 2024 annual report, highlighting the bank's performance in revenue, expenses, asset quality, and capital adequacy, while also noting challenges in net interest margin and fee income [3][21][23]. Revenue Analysis - The total operating income for 2024 was 337.49 billion, a year-on-year decrease of 0.48% [8]. - Net interest income was 211.28 billion, down 1.58% year-on-year, while fee income fell by 14.28% [8]. - Other non-interest income increased by 34.13% to 54.12 billion, indicating a strong performance in this segment [8]. Expense Analysis - Total expenses and other expenditures decreased by 2.76%, which was better than the analyst's expectation of a decline between 3.16% and 4.81% [4]. - Credit impairment losses for the year were 39.98 billion, slightly below the expected range of 40.3 billion to 42.3 billion [4]. Shareholder Analysis - The top ten shareholders saw a reduction in holdings by the Shanghai Stock Connect, which decreased by 54 million shares, maintaining a 5.04% stake [6]. - The number of shareholders dropped significantly from 522,100 to 459,200, indicating a 12% decline in retail investors [6]. Asset Analysis - Total assets reached 12,152.036 billion, growing by 10.19% year-on-year, with total loans amounting to 6,632.548 billion, a growth rate of 6.07% [14]. - The bank's retail loans maintained a 6% year-on-year growth despite a general slowdown in retail credit demand [14]. Non-Performing Loan Analysis - Non-performing loans increased to 65.61 billion, with a non-performing loan ratio of 0.95%, reflecting a slight increase from the previous quarter [17]. - The migration rate of normal loans rose to 1.39%, indicating ongoing pressure on asset quality [17]. Capital Adequacy Analysis - The core Tier 1 capital adequacy ratio improved to 14.86%, up from 14.73% in the previous quarter, primarily due to regulatory changes [19]. Summary of Key Issues - The bank faces challenges with the asset quality of retail loans, which has shown signs of deterioration [21]. - The net interest margin continues to be under pressure due to declining asset yields and weak credit demand [23].